What is a Blockchain?

A blockchain is a publicly accessible online ledger (database), that is not owned by any central authority.

There are two main types of blockchain: public and private. Public blockchains are designed to be anonymous, while private blockchains typically only allow known organizations to join. 

When it comes to owning crypto, you can use a custodial wallet or a non-custodial wallet:

• Custodial wallet A third party, like a crypto trading exchange, manages the wallet. The third party owns the crypto because the user doesn’t have the private key.
• Non-custodial wallet The user has the private key and owns the coins. However, if the user loses the private key, they can’t access their crypto. 

Once anything is \’written\’ in this ledger, it cannot be modified or censored by any single authority.

Benefits of Blockchain technology

• Ownership: Every transfer/purchase of your creations, is recorded on the blockchain. This means that there is a publicly accessible ownership history for your creations. Provenance is automated and accurate. Having a publicly accessible way to verify ownership will create more value for your creations since it\’ll be easier to identify infringing use of it. It\’ll also make it easier for you to support any DMCA takedown requests.
• Scarcity: When you upload your creation to the blockchain, you can define the number of editions you want to release. The control and distribution of the editions is automated on the blockchain, so you can tightly manage the scarcity of your creations. No more than the defined number of editions, will ever be released.
• Authenticity: When you upload your creation to the blockchain, it cannot be changed thereafter. Buyers can trust that the artwork they are purchasing is the original and has not been tampered with, because the publicly accessible data on the blockchain is always available to verify it. Even if other people copy it (as many tend to do online with digital content), the value of your artwork will not degrade, as long as the specific editions can be verified on the blockchain.

Each of these benefits is available to you, just by using the blockchain.

Even if PINK NFT ceases to exist, your digital creations will forever remain on the blockchain, and forever be transferable/purchasable.

Like any technology however, blockchain isn\’t immune to risks.

Interacting with blockchain is still quite complex. What we offer a service that makes blockchain technology simple, and provide its benefits to all creators.

The four key concepts behind blockchain are:

• Shared ledger. A shared ledger is an “append-only” distributed system of record shared across a business network. “With a shared ledger, transactions are recorded only once, eliminating the duplication of effort that’s typical of traditional business networks.”
• Permissions. Permissions ensure that transactions are secure, authenticated, and verifiable. “With the ability to constrain network participation, organizations can more easily comply with data protection regulations, such as those stipulated in the Health Insurance Portability and Accountability Act (HIPAA)” and the EU General Data Protection Regulation (GDPR).
• Smart contracts. A smart contract is “an agreement or set of rules that govern a business transaction; it’s stored on the blockchain and is executed automatically as part of a transaction.”
• Consensus. Through consensus, all parties agree to the network-verified transaction. Blockchains have various consensus mechanisms, including proof of stake, multisignature, and PBFT (practical Byzantine fault tolerance).

Each blockchain network has various participants who play these roles, among others:

• Blockchain users. Participants (typically business users) with permissions to join the blockchain network and conduct transactions with other network participants.
• Regulators. Blockchain users with special permissions to oversee the transactions happening within the network.
• Blockchain network operators. Individuals who have special permissions and authority to define, create, manage, and monitor the blockchain network.
• Certificate authorities. Individuals who issue and manage the different types of certificates required to run a permissioned blockchain.